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Buy Asian Paints, Infosys and Bank of India, says Prabhudas Lilladher

Vaishali Parekh/New Delhi 10 Aug 17 | 08:16 AM

Nifty outlook and few trading ideas by Vaishali Parekh, Research Analyst - Technical Research at Prabhudas Lilladher:

Nifty Outlook:

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Nifty now gets into the bear grip whereby the sentiment is now corrective with indices showing signs of fatigue at these levels & now the fear of weekly trend too turning down would further bring a corrective bias. The support for the day is seen at 9,860 while resistance is seen at 9,950.

ASIAN PAINTS - BUY   

CMP: Rs 1,155.55          

TARGET: Rs 1,230            

STOP LOSS: Rs 1,100

The stock has had a good run in the past 6-7 months with good volume participation from the market players and we anticipate the same bias for further rally from here on to scale new heights. The RSI has been strongly poised and with steady rise, the stock looks attractive and potential for more upward movement. We recommend this stock for an upside target of 1230 keeping a stop loss of 1100.

INFOSYS - BUY    

CMP: Rs 969.35        

TARGET: Rs 1,035            

STOP LOSS: Rs 930

The stock has made a higher top recently and after a brief correction it is bottoming out now at around 965 levels and we anticipate it to give a bounce and rally further to around 1020 levels. The RSI is reversing its trend and is poised for a recovery rally. With good volume activity going on, we recommend a buy in this stock for an upside target of 1035 keeping a stop loss of 930

BANK OF INDIA - BUY      

CMP: Rs 158.45          

TARGET: Rs 175           

STOP LOSS: Rs 146

The stock has produced a positive candle pattern in the daily chart and is poised for an up move to scale further levels in days to come. The stock has closed above the significant moving average of 34 WMA and thus signifies positive bias and with RSI indicator also reversing it trend on the positive side signaling a buy. With tremendous volume activity witnessed, we recommend a buy in this stock for an upside target of 175 keeping a stop loss of 146.

Disclaimer: The analyst may have positions in any or all the stocks mentioned above.

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